How to Use Financial Life Planning to Prepare for a Sabbatical
I am going to be taking a break from work for the whole month of April 2025. At Wealthstream Advisors, we created a sabbatical program similar to one that is offered to partners at one of the big four accounting firms. We have seen how their sabbatical program is not only good for morale but also good for business. The partners return more refreshed, more centered, and more productive. Their experience makes them more well-rounded and more attuned to the world.
While I look forward to this opportunity, it occurs to me that I don’t really know yet how to best prepare for my sabbatical. When I return in May 2025, I will likely have more poignant views to share as far as what I could have done better prior to the sabbatical. But the anticipation is also valuable. I am already getting excited and I am channeling this boost of energy into being more productive today.
I’ll walk you through my process for planning a sabbatical in the hopes that it will make yours a little more meaningful.
Money and Time
A key question in financial life planning is “If you had all of the money you could possibly need, how would you live your life?” Reflecting on this question and removing money as an obstacle is a key way to consider our dreams.
There is a progression to the questions that we ask in the financial life planning process. They are designed to build on one another to help determine where there may be a greater sense of urgency. The objective is to help discover what is truly most important.
With a sabbatical, the question becomes, “If you had all the time in the world, how would you live your life?” Of course, one month is not a lifetime, but it is a significant chunk of time during which I will enjoy total freedom. What a concept!
Rather than allowing myself to become complacent, I want to respect the fact that I will have this luxury of time. One way I might think about this is to consider what I might regret when looking back at my sabbatical. What did I not get to do? What did I miss? For more on financial life planning and how it helps to clarify one's goals, please read Financial Life Planning: A Roadmap to Your Best Life.
How to Set Goals for Your Sabbatical
An aspect that I am most looking forward to is having the extended time to truly reflect on what I want. I think it will be useful to write down some answers today and then reflect some more both during and after the sabbatical. Questions such as:
- What are my objectives?
- Is there anything in particular that I am hoping to learn about myself?
- What am I hoping will be my next steps following this time off?
How to Plan Spontaneity in Your Sabbatical
Even with these guiding questions, I am also looking forward to not having everything perfectly planned for a change. Truly getting away from technology and from the patterns of everyday life is an opportunity to expand my horizons in ways that I cannot predict. Getting out of one's comfort zone is, by definition, uncomfortable, but it can also spur personal growth.
I will be spending my last week on a sailboat doing “bareboating” which means that we won’t have a captain, just ourselves. I have never spent more than a few hours sailing so this will be a very different adventure. Fortunately, my best friend has the proper certifications and we will always be in sight of land. I am not worried. I am also taking an online certification course so that I can be an adequate and supportive member of the crew. As for spontaneity, our itinerary can change with the wind.
A sabbatical can be the perfect opportunity to continue to foster a skill that you might not always have time for, but don’t be afraid to use it to try something new that’s been on your list. You never know what it might teach you about yourself, which, in turn, can better help you in your profession.
Practical Matters of Planning a Sabbatical
In order to get away from everything, I will need to clear up my to-do list completely. My checklist looks like this:
Work-Related Tasks
- Communicate to all of my clients 1-2 months in advance
- Identify which colleague has coverage responsibilities for which clients
- Sit with colleagues and review each client situation
- Complete all actions that cannot or should not be deferred
Personal Tasks
- Let family and friends know that I will be away for extended period
- Pay or set up autopay for bills
- Have necessary supply of prescriptions
- Ensure caretaking for our dog
Checking off all of these boxes will truly allow you to enjoy your time. In my particular case, it will be critical to ensure that all of the coordination that I do with clients for tax preparation is done a little early next year. And I have a matter of gently letting my mother-in-law know that me, my wife, and most importantly our children will not be here for Passover/Easter.
If you are facing some decisions, whether that be preparing for a sabbatical or financial life planning, we are here to help. Please contact us to get started.